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concerning the fiscal cliff, the fiscal deficit and the debt of the country, which are three topics that can be addressed now on the comprehensive and efficient fashion. >> in the fiscal cliff negotiation. so what should this mean? because i think i could interpret any given number to say, oh, that means we shouldn't touch taxes for the upper brackets because the economy still needs as much money as it can have in it. or i could argue, oh, this means that we need more stimulus to keep the jobs going, or i could look at the debt and say, oh, this means we need to cut spending. so what does it mean? so what would you, and what globally, what would mean the most for the u.s. to do in terms of the global economy? >> you know, what you said, you would qualify as an economist. on the one hand, on the other hand. the truth of the matter is that the best way out of this would be a balanced solution because you will always fine a school of thoughts that will say it's much better to cut spending, and you will find another school of thought that says it's much better town crea increase the r and cut ta
the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously damaging for the economy. which meant you weren't going to do it. now, you've been urging your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what has changed your mind? >> frankly, nothing, and you've mischaracterized my position. i'm not for raising tax rates on anybody. it's going to slow down, hurt rates. that's my position. not just because i signed a pledge, because that's what i believe. what i have said is we agree with the president that taxes on 98% of the american people shouldn't go up. that's his position. that's our position. why not just take that off the table right now? it's 80% of the bush tax cut. we could ma
much held captive by the fact that the uncertainty not only about the fiscal cliff but debt ceiling. >> very quickly, john, we're lose altitude in this market rapidly. what do you make of this, and what are you expecting to close here? >> just shows you how fragile our markets comment out of washington can take profits off the table intraday. we'll hold on to our gains here. >> thanks, everybody. we appreciate it. where exactly do we stand in these fiscal cliff negotiations in the latest now from our john harwood, on your stomping ground. good to see you both. what do you make of this comment from harry redd, john, saying it's unlikely we get a deal by christmas? are they posturing? they don't want to put their spending cuts on the table but want the republicans to. is this posturing? >> i think it's posturing. jay carney gave a white house briefing saying i'm not going to reveal anything about the status of the talks in negotiation beyond the fact that they took place. the support trying to hammer republicans publicly. he's got the high side public opinion on this. traveled t
reporter on the latest in the senate on president obama's proposal on the fiscal cliff and the debt ceiling. this is about five minutes. >> andrew taylor covers congress for the associated press. there were some attempts by mitch mcconnell to get roll-call votes on the president's debt plan and his fiscal cliff plan and the debt ceiling plan. what was he trying to do? >> guest: he was trying to embarrass the democrats. for instance, the president's plan on the debt ceiling was basically allowing the president to request whatever increases without the approval of congress and he thought that would embarrass democrats if they had to vote for it particularly endangered ones. >> sounded like leader reid took the bait. how the democrats respond? >> guest: there are a lot in politics going on here. we just talked about politics from mcconnell's side. democrats are aware that even if they allow -- even if they get the republicans to crumble on raising tax rates for upper bracket people there is still going to be a need next year, say march, to increase the debt limit and that was what john boehner
a function of doing both of the things you talk about, joe. having an agreement to avoid the debt, the fiscal cliff, and then having a down payment on actually getting the $4 trillion identified. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceil
on the fiscal cliff. certainty that debt reduction, there will be debt reduction, that entitlements will be brought under control. looking for certainty on taxe taxes. until this happens, there isn't going to be that certainly. i have to say that the republicans showed the political will. they stood up, to the conservative base. they put the re-knews on the table. what troubles me -- now that the ball is in the white house court, right? what troubles me is lack of political will on the white house, we haven't seen yet. particularly on spending and entitlement reform. voices in the deckic party saying that this was a mandate to walk away from debt reduction. that is troubling. >> charles lane do you see anything out there to give the business confidence to hire people again? >> well, there is just, i agree with nina. too many unknowns. we could add the situation the slow, steady, stagnation of europe to the mix. we could add uncertainty about where china is going to go. the troubling thing about the departure from the labor force of so many people that is offsetting the increment is
mcconnell when back-and-forth on fiscal cliff issues and a proposal to raise the debt ceiling. here is part of their exchange. >> yesterday afternoon, i came to the floor and offered president obama's proposal on the fiscal cliff to show that neither he nor democrats in congress are acting in good faith in these negotiations. with just a few weeks ago before a potentially entirely avoidable blow to the economy, the president proposed a plan the members of his own party will even vote for. he is not interested in a balanced agreement, not particularly interested in avoiding the fiscal cliff, and clearly not interested at all in cutting any spending. with the president is really in, as we learned just yesterday, is getting as much taxpayer money as he can, first by raising taxes on small businesses who he believes are making too much money, and then on everybody else. not so he can lower the debt or the deficit, but so he can spend to his heart's content. for months, the president has been saying that all he wanted to raise taxes on the top 2% so he can tackle the debt and the deficit. howeve
for digging into this stuff. we've got the debate about the fiscal cliff and the debt ceiling and we're talking in the trillions. before you can even get to the trillions, if you can't stop stuff like this, does the american public ever believe that washington is going to get its act together if you can't stop this 100,000 here, million there, all, of course, adds up to billions. if we can't stop the zombies, taxpayers paying for the zombies, how can we ever tackle medicare and social security? [laughter] megyn: that's the thing that makes people upset, julie. all right, if you're going to increase my taxes to help pay down the debt, help people in need, that's one thing, but if i'm going to be paying for zombies or for santa to ride the $250,000 sleigh, i object. >> i'm a little embarrassed. can you imagine being an employee and having to pretended to be a zombie? >> those were actors. >> i don't know about that. [laughter] i think they may have been dhs employees dressed up. charles is right, thanksgiving a little ri -- this is a little ridiculous. i understand what they're trying
us from going off the fiscal cliff. they said by the way we need to raise the debt limit and this new proposal of eliminating congress from the process of raising the debt limit. >> senator mcconnell has offered to have an up or down vote on this and democrats haven't taken him up on it. all of the spending reductions that simon cited in the 1990s were tied to the debt limit increase. it gives republicans leverage. president obama has the leverage in the fiscal cliff fight. he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this debt. we keep spending and spending and raising our debt by $6 trillion every obama term. that's what catastrophic. the republicans
to debt a handle on the fiscal cliff, we cannot lose sight of their urgent priority of making sure we have job growth -- job creation, to say the least. many of the components you have outlined -- that both of you have -- it comprised of the broad description of the fiscal cliff whether it is the expiring tax cut provisions, the expiring tax cut extensions, and spending cuts as well. if you consider more, which of those would you consider having the biggest bang for the buck in terms of economic impact of those that we are discussing here today? >> it is a given that we will extend the current tax rates for taxpayers that make less than $250,000 on an annual basis. that is absolutely necessary. when you consider the other things that are happening -- in terms of the bang for the buck, the emergency unemployment insurance program is very effective. it is small in the grand scheme of things. cbo is estimating it would costs per calendar year about $33 million. but the economic to bitty for job growth compared to the unemployment rate would be measurably more than that -- for the economic une
ceiling discussions again." for now, fiscal cliff negotiations have slowed activity. "this is where the market is frustrated by politics. it's a vicious circle." even at a meeting of start-ups, a group some consider below the radar of fiscal cliff negotiations, some entrepreneurs are becoming unusually cautious. "you have to take pause and assess what healthcare and taxes may cost, but we also have an obligation to our investors, so we see the fiscal cliff thing as a temporary roadblock but not something won't stop us from hiring at this moment." one bright spot - according to analysts at mesirow, housing, expecially new housing, in many markets is being driven by investors purchasing homes. another indicator - remodeling. people are putting money into their homes more now. carpeting, appliances, and contract work all spreads the wealth. thank you chuck. still ahead, stocks that make the "must own" list for 2013, right after the break. here is a question a lot of people are asking themselves this time of year - how's your equity portfolio looking? little anxious about maki
it will not happen, no vote today on the debt ceiling, fiscal cliff proposal to basically the breaking news is we're back where we started. melissa: what is the hottest stock on wall street these days. trading under. the bidding war for my favorite bank analyst. i love dick bove. speaker he is in purgatory. a billion dollars unauthorized trade was described as a rogue trader. presumption of innocence, he was arrested earlier in the week. take the firm, the firm has been closed down since then. dick bove has been in purgatory. sources are telling us bove reseed essentially 17 offers to join him, he is now down to five, he has contracted form in five firms. he believes he'll be making the decision on which of these five firms he will go to in the coming days. he says he is close to a deal to revitalize the firm, said he would stay with rockdale. if i tell you this. said he is t has to make up itsd soon, did not say which way he was going. my gut talking to people what he is probably going to leave. who are they? these are midsize firms who basically know he is a well-known analyst. he opened stores
-term issue about reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct?
tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be spending less. that would not be good for businesses. i do not think that is quite to happen. -- going to happen. host: caller, last word with
fears about the fiscal cliff and america's $16.3 trillion debt are pushing some, seen here, to renounce the pledge. i have been highlighting members of congress who said they are getting over grover. one of those members is tom cole of oklahoma. he signed the pledge and says he's not bound by it anymore. representative cole, a month ago you wrote allowing taxes to rise for just the top bracket may seem an acceptable middle ground by comparison. but this path would be enormously damaging to the economy, which meant you weren't going to do it. now you have been urnling your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what changed your mind? >> first of all, nothing changed my mind. frankly you mischaracterized my position. i'm not for raising tax rates on anybody. i don't think it's a good idea. bad for the economy. going to slow down, hurt rates. that's my position, not because i signed a pledge. that's what i believe. what i have said is we agree with the president that taxes on 98
% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't see it -- a single dime in tax
. we need to raise or eliminate the debt ceiling. we need to achieve fiscal sustainability. this needs to be a package. >> i agree. >> i want to thank both of you for your testimony. >> thank you very much. i appreciate your good work and your leadership. thank you for your testimony. i think we made in 90-minute meeting. that is pretty close. that is pretty good. i want to thank both of our witnesses again for their testimony. by the way, without objection, the full text of your opening statements will be in the record of this hearing. we're grateful because it is clear to most americans we do have a substantial challenge with regard to the cliff. we know if we do not take the right steps, it could jeopardize our economic recovery. we cannot afford to lose ground on the gains we have made. i am confident we can get this done. the congress of the united states can successfully reached the compromise we need to assign a path to fiscal stability. this is my last hearing. vice chairman brady mentioned it. i have enjoyed this work as chairman and as a member of the committee the last six y
things done. not limited to just worry about the debt and fiscal cliff and such. our program today just loosely, i'm welcoming you, obviously, joan walker's going the talk, ed reilly of sgi is going the give the polling results, and then ron brownstein of national journal is going to do our interview, and then we're going to have a panel discussion. so it's going to be a full and absolutely terrific day, i think. please, turn these babies off. and, again, welcome you. let me introduce joan walker. joan is executive vice president of allstate which is one of the country's largest insurance, we're in good hands with allstate, we all grew up with that. joan has been a terrific partner, in the last four years she's responsible for all corporate relations with allstate. prior to joining that company in 2005, she did similar work with monsanto and qwest. she is a consummate marketing and communications strategist which, of course, in this town of washington is really all about. so, joan, thank you very much, and we want to welcome our friends here. [applause] >> good morning, and thank you so
-span web page dedicated to the fiscal cliff. the combined things related to the issues. it is all at cspan.or g/fiscalcliff we will have a discussion about change and how u.s. debt, economic growth, and retirement of baby boomers could lead to political and economic change. >> the house returns tomorrow. members will be coming in to consider defense department programs for next year. we will have live coverage of the house tomorrow at 2:00 eastern right here on c-span. >> i think people still love discovery. the ability to find surprises. every month or every year, people are suddenly talking about some show. you could've said to me, mike, i want you to choose honey boo boo, or a certain food channel network. i do not think if i had to determine that, i ever would -- at the ability to stumble on them, and then double around and that and find, i sort of like honey boo boo, that is a huge part of the american television experience. i think it is sold short when its techno ecstatic. i think a lot of americans love the enjoyment of escapism and passivity and being able to roam around the tv ju
turn to the rest. >> right now we are facing a fiscal cliff. last year we were facing the debt ceiling. before that, we were looking at several potential government shutdowns. at a different level, the appropriations process has not worked as intended for years. neither has the budget process. it seems like abnormal is the normal. that type of activity in this situation where we are already looking ahead to the next potential showdown, as he suggested, with the next debt ceiling altercation, this creates uncertainty, which is not good for the private sector and certainly is not good for the federal government in terms of its ability to function in a normal way. how can congress break out of this? >> do what we are hired to do and to appropriations in a timely manner. in maryland, we have a lot of defense contractors very concerned about sequester. many of them say, warner, warner, a nuisance and-bowles. -- do simpson-bowles. everyone supports it, but no one has read it. but the top line numbers are almost the same -- next time you do a default, do not make it so awful. putting a gun to
tempered by debt ceiling worries, fiscal cliff worries. we know there will be a little bit less money in the economy because even if we get a deal, we know tax rates are going up. so i wonder, even if a deal with done, i wonder how much umph the market -- it really gets from that knowing that we're headed into just troubled waters for most of 2013, i would say. there's this notion we have all this trillions of dollars on corporate balance sheets. and it's just going to be unleashed. i wonder how much that's offset by the damage already being done. >> no, certainly, and that may be priced in just like you said. but i do think we will see a bump up here on the equity markets and some thin volume. hopefully we see santa claus reality, but to speak specifically to be shorter investment, if you see some type of resolution, there will be a knee jerk reaction. look at the s&p level, 1460. we could go test that in two days, joe. it's not that far away from where we're at right now. >> you just look at what's happening in apple, all the people that have gains there, they're almost ignoring val
on the fiscal cliff. this morning a leading republican said any deal should include the major drivers of our debt. >> the long-term indebtedness of this country is baby boomers retiring putting pressure on medicaid, medicare and social security. i hope my party will look out for the country and not just the party itself and pure this president to do something he has never done before, lead in a bipartisan way. >> reporter: a little swipe there at the end but republicans have been consistent that it is important to address entitlement reform, something they very much want on the table if we're going to have a big deal in this fiscal cliff matter. jon? jon: on the democratic side it seems like they are holding firm on being sure that there is additional tax revenue in any fiscal cliff deal, right? >> jon, no question about that. they have been consistent from the very beginning. the president ran on the upper income americans paying more taxes as part of this deal. we heard more from chuck schumer on "fox news sunday". >> we democrats realize that there have to be two sides to this bargain but
that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. the economy will weaken. the budget deduction will deteriorate. we are seeing a fiscal drag in europe. i would ar
with the fiscal cliff and dealing with our debt situation and not have a debt ceiling hanging out there as a diversionary but dangerous issue. but for some reason, inexplicable, the minority leader, the republican leader, changed his mind. now, he said on the floor well, important measures deserve 60 votes, but when he brought it up earlier, he acted as if he was in favor of it, he was offering it. and now, of course, essaying no, he's going to object to his own resolution. i wish he would reconsider. again, playing -- using the debt ceiling as leverage, using the debt ceiling as a threat, using the debt ceiling as a way to achieve a different agenda is dangerous. it's playing with fire. and yet, with the opportunity to take that off the table, reassure the markets, the minority leader blinked. i don't know why. it's hard to figure out the strategy that he's employing, but we would hope on this side of the aisle -- and i think i speak for all of us -- that he would reconsider and perhaps early next week let us vote on his own resolution. i yield the floor. mr. schumer: i notice th
different issues. the president is address the fiscal cliff, we're dealing with the debt and deficit. this is not about getting through this next month, this is about trying to solve the issues that we face as a nation today and that is the debt and deficit that we face. the president is very fond of talk about the math. let me give you a few things dealing with the math. 2012 will be the third highest revenue receipt into the united states government ever in the history of our nation. the third highest revenue ever received in the hithsroif the united states is coming in in 2012. in this down economy, as paychecks are smaller, federal revenue continues to increase. the president is very focused on trying to get the clinton tax rates but he ignores the clinton level of spending. what we've got to address is a trillion dollar deficit here. if wrp back at the clinton level of spending this would solve the issue that we're dealing with today. so we've got to find a way to address the real driver and real issue that we're facing, that is the spending. until we address that, it's not goin
, not limited to just worrying about the debt and the fiscal cliff and such. our program today, i am welcoming you. stonewall clerk will welcome you as well. and riley will give the polling results, and ron brown will do the interview and then we will have a panel discussion. it will be a terrific day. please turn these babies off. again, welcome. is executive vice president of allstate. joan has been a terrific partner with us over the last four years. she is responsible for all relations for allstate. prior to joining that company, she did similar work with monsanto. she is a consummate marketing and communications strategist, which is what this town of washington is all about. that you very much, and dwell come our friends here. -- and welcome our friends here. [applause] >> ok, good morning, and thank you so much for that kind introduction. "the atlantic" and "national journal" have been terrific partners in this effort. i thank them very much for that, and many thanks to edward reilly, who will take us through the data today, and also for jeremy, an associate, who was the lead researcher
revenue, this fiscal cliff issue much larger. talks about the debt ceiling and what that means for next year. treasury saying that sometime early next year they will run out of those extraordinary measures and the u.s. will have to raise the debt ceiling or default. back to you. ashley: very good point. rich edson in d.c. thanks very much. tracy: our next guest says, forget taxes. washington needs to focus on cutting entitlement spending if we want to prevent a battle between old and young americans. diana further got roth, senior fellow at man hat taken institute and joins us now. diana, seems to me raising the retirement age is the simplest thing you could do yet we're not talking about that. >> well, we certainly should be because part of the deficit problem, a great part, is entitlements, social security and medicare, keep adding fiscal burdens as people's live expectancy increases and it's great that people are living longer but when social security was first thought of the life expectancy was only 67. now it is around 85. we need to raise retirement ages or somehow thinking about
of the fiscal cliff. a voice of reason on the debt deal. and tuesday it's mission critical time. "squawk" goes to washington to talk with senators and congressman involved in negotiations. "squawk box" starting at 6:00 a.m. eastern. year-end event. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. get the best offer of the year -- 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. hurry. bonus cash ends january 2nd. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2
and getting that. >> it's a statement. >> let's talk about the fiscal cliff. also on the radar this morning, after president obama and house speaker john boehner both were tight-lipped how the negotiations went. the co-founder of the fix the debt campaign, he was asked about the chances of striking a deal to avoid the cliff. >> it's probably more like a 40% chance we'll actually get it done before the end of the year. probably 25% chance we'll get it done right after the end of the year. and then there's that horrible 35% chance that we'll still go over the cliff and have pure chaos. but i think the chances of getting it done now are better. i think that's what's key. >> be sure to tune in tomorrow for the fiscal cliff coverage live from washington. mission critical, rise above d.c., all day long. becky quick, jim cramer, maria bartiromo holding their feet to the fire about where they stand on the fiscal cliff and how they'll do their part to rise above partisan politics and reach a deal. now, there are some bowles comments. 40%, yeah, but the odds are much better. they're still 35% chance
to gdp. now, we don't want to get there that we. the same way we don't want to go over the fiscal cliff. in other words, the fiscal cliff is a big austerity. we get $7 trillion in the deficit reduction over the last ten years. but you don't do it the way we want to do it. when it comes to the baseline, we have to work together as part of an agreement to get the right baseline but that doesn't mean it is not for real world deficit reduction. it is. does it mean that it's better than the current law? maybe not. but there is an agreement that in the fiscal cliff is not the best way. >> we could add the baseline. the deficit to gdp. >> you said the deficit. >> you look at the current line baseline and get under 1% of deficit to gdp. >> seven years and 7 trillion of debt reduction. if anybody wants to read more about, please look at that space on what it takes. i thank you all for being here today. one reason we have to end it is that these people are going to be so instrumental in getting us out of this mess that we have to get them back to work. >> , come thank you. [applause] >> more abou
discover, is worry about the debt and the fiscal cliff. our program today, just briefly, others will talk, and we will give the polling results, and then a senior national journal member will have a panel discussion. it is a terrific day, i think. please turn these off. and, again, i welcome you. joan is the executive vice president of the country's largest insurance. you are in good hands with all state. joan has been a terrific partner. she is responsible of corporate relations for allstate. she did civil -- similar work with monsanto and others. she is a consummate marketing and communications strategist, which is what washington is all about, so thank you very much and welcome. [applause] >> ok. thank you. john, for that introduction. the national journal has been a terrific partner in supporting our work and the challenges that the american middle-class has been facing during this great recession, and i thank them for that. many thanks also to end, who will take us through the polling data to date -- many thanks take us through the polling data today, as well as one of his associates
's absolutely right, carl. a lot of people have been drawing similarities between the current fiscal cliff negotiations and that debt ceiling standoff from last year. so we have one former insider who joins us right now. he's been through this before. he probably knows how to read the signs better than just about anybody out there. bill daley was the white house chief of staff under president obama during the debt ceiling negotiations last year. mr. daley, thank you very much for joining us this morning. >> thanks for having me. >> reporter: we were just trying to figure out what to make of this. all morning long we've been saying it's relatively good news that we haven't within hearing from the principalprincipals. what does it mean now that speaker boehner is going to be addressing the house at noon. >> i think it's a strong sign there is movement. i don't know that. i'm not on the inside. i don't know what's going on. i doubt the speaker is going to stand up and speak to the body and say nothing's happening and we're not going anywhere and just give a partisan speech. so i'm hopeful tha
. congress had trouble putting together a deal. now the u.s. may be heading for the fiscal cliff. what does that mean for you and your investments? we have the jobs report today for a brief moment. we weren't worried about the fiscal cliff. now, we are back. what do you make of it? >> the jobs report was okay. there are some signs of very modest improvement in jobs. the good news is we have not really lost momentum and i will put that in the victory column. from a very short-term perspective, it is the fiscal cliff that is on everyone's mind. consumer sentiment is starting to decline. that suggested everyone seems to be focused on the fiscal cliff. when you are focused on uncertainty, what do you do, you do nothing. those are the major implementations for the economy. cheryl: i can hear the hesitancy in your voice. a lot of our guests are saying the same thing. they are afraid of what washington will do or maybe not do. your outlook is a bit more bullish than some of your colleagues. what are you saying in the second half of 2013 that others are not? >> on a very short-term basis, we have n
can fix the fiscal cliff. we're going to hype -- i can't wait for the debt ceiling now. man is that going to be something, too. that's going to be our next thing. >> constant entertainment. >> oh, talk about it. >> you've got -- you think this is brinksmanship. when is the deadline? i can't wait. >> it's february, right? the beginning of february. >> what's the slogan for that? >> let me come up with that. >> negotiate up. >> we don't want this to end with the fiscal cliff. we got -- and it won't. anyway -- >> how about the s&p 500? >> coming up the hunt for yield at times of uncertainty. institutional investors looking for alternatives to the lower return on fixed income. we're going to talk to the north carolina treasurer and the co-founder of investment firm cambridge associated. >> over president barack obama's first term the federal debt to gdp ratio increased over 19%. it is projected to increase over 20% by the end of his second term. [ male announcer ] you are a business pro. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and y
is standing in the way now of a fiscal cliff solution. we're back in two. >>> it wasn't until the debt ceiling lauz but born with an . >> you know, i beg to differ, mr. president. to me, i understand the use of its is a weapon but to me the real problem isn't the debt ceiling. it's the debt. the debt is the problem. you know, to have an unlimited amount of money to call upon is too much power power for one person. it's always in our country been about checks and balances but i think this administration just wants more checks and no balancing of the checkbook. that isn't the kind of check and balance that i think the people that wrote the constitution had in mind. now, let's look at it a different way, when we think of, you know, some good entertainment, there's, you know, bob hope, the road to morocco, the road to singapore. i don't think that we want to have a movie someday called the road to the weimar republic because bob hope was in the old movies. there's no hope in that new movie and i think this issue really has to be discussed. now i understand there's issues about compromise and every
have had to report on the posturing and talking point known as the fiscal cliff. decisions about taxes and spending are extremely important especially when we are adding $300 billion a day to our debt but the constant bickering of dueling politicians on both sides of the aisle, the endless kicking of the can, the brinkmanship as we approach that disaster is making all americans angry. i think you turned off and tuned out and i don't blame you. who can sit still and watch our country dragged into ruinous-and not be a little frustrated? as i said many times i came here from europe 40 years ago and instantly felt the warm embrace of a truly generous and free society and now i see america galloping down the european road. we have already reached european levels of debt and our leaders give as political pablum. we deserve better than this. the other night i left the fiscal cliff behind and took a walk through new york city. it was great. the lights, the christmas tree, rockefeller center, crowds of people with their children. was such a switch. "varney and company" will not walk away from t
speaker john boehner who is making an announcement on the fiscal cliff right now. >> his promise to bring a balanced approach is mainly tax hikes. and does not solve our debt crisis, it increases spending. our plan meets these standards, cuts spending and paves the way for real job growth in our country. in the five weeks since we've signaled our willingness to forge an agreement with the president, he's never put forth a plan that meets these standards. and frankly, it's why we don't have an agreement today. the longer the white house slow walks this discussion, the closer our economy gets to the fiscal cliff, and the more american jobs are placed in jeopardy. >> good morning. the president has said on a daily basis that we should be passing a balanced plan. but what we hear from the president is continuing only discussion on one side of the ledger. it has always been about tax rate increases, and nothing about spending. and we insist, say, look, mr. president, let's talk about a balanced plan, but where are your specifics on the spending cuts? even his own advisers say that any kind of
's not even being talked about in this country as part of the fiscal cliff. what should the transition to the fiscal cliff here? are you sleeping nights thinking about all this? or how are you viewing what's going on in washington right now? >> people ask me what keeps me awake at night. i said nothing is important to keep me awake at night. that doesn't really advance the ball, one might say. you know, i can see the outlines of the fiscal cliff being avoided right now. reading a little bit behind the scenes. all i'm doing is paying attention to what's going on out there. i don't have the inside information or anything. but it has to be done. it has to be fixed. and i assume it will be. and i often quote churchill. maybe even on your show once, bill. that said americans always do the right thing but only after they've tried everything else. so we've tried everything else. that leaves us for the right thing which is some tax increases and some cuts in long-term benefits, medicare, social security, and so on. >> in which case and i hate saying this because it obviously shoots ourselves i
been made or how little progress between the president and congress on the fiscal cliff situation. >>> and we'll find out just how much the european debt crisis has affected tourist's willingness to travel to southern europe. >> and then south korea's presidential election, yes, it's not just japan, and what to expect from the winner. >>> let's just plug you into where we are with this global market. more now on the global trading day in europe. 5-4 advances just about outpace decliners on the dow jones stoxx 600. most european stocks were up yesterday. the dax up 13 points. the dax, second highest close of the year, still up 27.5% for the year. right now, the ftse sound, the cac kron, closed at a fresh 52-week high. and the ftse is up 13 points despite falls from italian banks. let's show you where we are as far as the bond yields are concerned. we just check in. italian yields, 4.4% on the year. we'll show you the twos and tens, as well. i'll give you more on how that compares to where we closed yesterday. so the two-year, that's the low where we were yesterday. 10-year spanish
the fiscal cliff and caterpillar's ceo joins us from the nyse to talk about the fix the debt campaign and more. you know anything we don't know, doug, that you can tell us about how this finally looks and whether we do it? >> i don't know if i know any more than you do or not, joe, but we've all been working hard to impress upon our leadership in washington how important this is not to go over the cliff. we had good sessions with republican leadership, democratic leaderships and with president obama in the white house. nobody over there wants to go over the cliff at this time, there's nothing that wants to do it. >> once we get over it, we hope it's a bridge to something that will help you and caterpillar compete better in the world. after the cliff, what do you want? is there any emphasis on corporate tax reform that we need or how to bring $2 trillion back to this country? aren't those things, did you talk about any of those or the cliff? >> we talked about all of those, long-term competitiveness for our country, immigration reform that needs to happen, and there's a lot of bipartis
a successful outcome not just to these fiscal cliff talks, but also to this longer-term issue of debt and deficit and economic growth. i was asked today to focus a little bit on what might be possible in terms of tax reform. i know tax reform and health care reform are the two topics we're discussing this morning and, again, i look forward to hearing from gene and also this distinguished panel behind us. with regard to the tax and health care reform issues, i'll make a simple point which is that if we go through this fiscal cliff discussion and do not take advantage of that opportunity to put in place reforms to the entitlement programs which are incredibly important but also up sustainable, and if we do not take advantage of it to look at our tax system which is antiquated, outdated, inefficient, we will have swappedderred the opportunity to really -- squanders the opportunity to address the long-term problem. we'll be right back on the cliff again. so the first fiscal cliff is approaching, we have to address it. if we do not, we'll see about $500 billion in tax increases, we'll see
:30 eastern. you can see the house live when they return here on c-span. in the meantime while fiscal cliff negotiations continue, we hosted a roundtable discussion about the debt talks and domestic program cuts on this morning's "washington journal." can host: isabel sawhim and james capretta. mr. capretta, let me begin with you. are these sequester cuts devastating? guest: they would be deep cuts. 80% cut across the board is a very significant one-time cut for any program to sustain in the immediate year period. so they're not a good idea. would it be the end of the world? no. host: what do you mean by that? guest: there would be a downsizing of a lot of services across the government in terms of domestic accounts. so there would be fewer services being provided. there would be reduce in federal employees. some grant programs would take a haircut of 5%, 10%. so there would be some downsizing of the services that are provided by the federal government. but the economy would go on and the government would go on and the public would still continue to get by and large serviced. host: can agen
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